摘要
突破传统企业债务具有同质性的假设,从异质性的角度出发,将债务分为期限和来源两个不同维度,探寻了企业投融资决策的内在关联,并得出如下结论:企业自由现金流与过度投资之间具有正相关关系,债务期限异质性对企业自由现金流与过度投资间的关系具有正向调节作用,债务来源异质性对企业自由现金流与过度投资间的关系具有负向调节作用。
This paper breaks through the traditional assumption that corporate debt has the homogeneity, dividing the whole debt into two different dimensions of debt maturities and sources from the perspective of heterogeneity, and reaches the following conclusions. Firstly,there is a positive correlation between corporate free cash flow and over-investment. Secondly, debt maturity heterogeneity has a positive moderating effect on the relationship between corporate free cash flow and over-investment. Thirdly, debt source heterogeneity has a negative moderating effect on the relationship between corporate free cash flow and over-investment. This paper explores the internal relationship between the corporate investment and financing decisions in deep level, providing theoretical and empirical support for the listed companies to carry out investment and financing activities smoothly.
出处
《山西财经大学学报》
CSSCI
北大核心
2015年第9期113-124,共12页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金面上项目"媒体披露
管理层策略选择与市场反应"(71472091)
国家自然科学基金青年项目"媒体报道与股价波动:中国情境下的说服理论视角"(71102025)
江苏省2015年度普通高校研究生科研创新计划项目"财务柔性
异质性和非效率投资"
关键词
自由现金流
债务异质性
债务期限异质性
债务来源异质性
过度投资
free cash flow
debt heterogeneity
debt maturity heterogeneity
debt source heterogeneity
over-investment
